COB 487 FINAL QUESTIONS & ANSWERS
The emphasis of strategic management is on - Answer -monitoring and evaluating
external opportunities and threats in light of a corporation's strengths and weaknesses
Research suggests that strategic management evolves through four sequential phases
in corporations. The first phase is - Answer -basic financial planning.
Strategic management is that set of managerial decisions and actions that determine
the long-run performance of a corporation. Which one of the following is NOT one of the
basic elements of the strategic management process? - Answer --strategy formulation
-statistical process control***
-strategy implementation
-environmental scanning
-evaluation and control
The task environment - Answer -includes those elements or groups within an
organization's industry.
Which one of the following is included in the firm's societal environment? - Answer --
economic forces****
-competitors
-resources
-governments
-special interest groups
The corporate mission is best described by which one of the following? - Answer --a
description of top management's responsibilities
-a statement of what the organization would like to become
-the purpose or reason for the corporation's existence***
-a description of the activities carried out by the organization
-a statement of corporate objectives
The type of strategy which describes a company's overall direction in terms of its
general attitude toward growth and the management of its various businesses and
product lines is - Answer -corporate.
The type of strategy which emphasizes the improvement of the competitive position of a
corporation's products or services in a particular industry or market segment served by
a business unit is - Answer -business.
The type of strategy which achieves corporate and business unit objectives and
strategies by maximizing resource productivity is - Answer -functional.
, Which of the following is NOT one of the four triggering events listed in the text that are
the stimulus for a strategic change? - Answer --threat of a takeover
-annual strategic planning conference***
-intervention by the organization's bank
-awareness by management of decreased profitability
-new CEO
From the perspective of the public, the primary job of the board of directors is - Answer
-to closely monitor the actions of management.
The relationship among the board of directors, top management, and shareholders is
referred to as - Answer -corporate governance.
The requirements of a board of directors vary significantly by country and by state;
however, there is a developing consensus as to what the major responsibilities should
be. Which of the following is NOT one of the responsibilities? - Answer --sustainability
-strategy of the organization
-risk vs. initiative and the overall risk profile of the organization
-effective board leadership including the processes, makeup and output of the board
-becoming directly involved in managerial decisions****
Which of the following statements is true regarding the board of directors? - Answer --
The board is charged by law to act with due care.
-If a director or the board as a whole fails to act with due care and, as a result, the
corporation is in some way harmed, the careless director or directors can be held
personally liable for the harm done.
-All of these***
-Director liability insurance is often needed to attract people to become members of
boards.
-Directors must be aware of the needs of various constituent groups to balance all their
interests.
Which of the following is NOT a task of the board of directors in strategic management?
- Answer --to influence
-to evaluate
-to initiate and determine
-to implement***
-to monitor
Catalyst-level board of directors typically - Answer -take leading roles in establishing
and modifying the company mission, objectives, and strategy.
Outside directors are defined as - Answer -individuals on the board who are not
employed by the board's corporation.
The emphasis of strategic management is on - Answer -monitoring and evaluating
external opportunities and threats in light of a corporation's strengths and weaknesses
Research suggests that strategic management evolves through four sequential phases
in corporations. The first phase is - Answer -basic financial planning.
Strategic management is that set of managerial decisions and actions that determine
the long-run performance of a corporation. Which one of the following is NOT one of the
basic elements of the strategic management process? - Answer --strategy formulation
-statistical process control***
-strategy implementation
-environmental scanning
-evaluation and control
The task environment - Answer -includes those elements or groups within an
organization's industry.
Which one of the following is included in the firm's societal environment? - Answer --
economic forces****
-competitors
-resources
-governments
-special interest groups
The corporate mission is best described by which one of the following? - Answer --a
description of top management's responsibilities
-a statement of what the organization would like to become
-the purpose or reason for the corporation's existence***
-a description of the activities carried out by the organization
-a statement of corporate objectives
The type of strategy which describes a company's overall direction in terms of its
general attitude toward growth and the management of its various businesses and
product lines is - Answer -corporate.
The type of strategy which emphasizes the improvement of the competitive position of a
corporation's products or services in a particular industry or market segment served by
a business unit is - Answer -business.
The type of strategy which achieves corporate and business unit objectives and
strategies by maximizing resource productivity is - Answer -functional.
, Which of the following is NOT one of the four triggering events listed in the text that are
the stimulus for a strategic change? - Answer --threat of a takeover
-annual strategic planning conference***
-intervention by the organization's bank
-awareness by management of decreased profitability
-new CEO
From the perspective of the public, the primary job of the board of directors is - Answer
-to closely monitor the actions of management.
The relationship among the board of directors, top management, and shareholders is
referred to as - Answer -corporate governance.
The requirements of a board of directors vary significantly by country and by state;
however, there is a developing consensus as to what the major responsibilities should
be. Which of the following is NOT one of the responsibilities? - Answer --sustainability
-strategy of the organization
-risk vs. initiative and the overall risk profile of the organization
-effective board leadership including the processes, makeup and output of the board
-becoming directly involved in managerial decisions****
Which of the following statements is true regarding the board of directors? - Answer --
The board is charged by law to act with due care.
-If a director or the board as a whole fails to act with due care and, as a result, the
corporation is in some way harmed, the careless director or directors can be held
personally liable for the harm done.
-All of these***
-Director liability insurance is often needed to attract people to become members of
boards.
-Directors must be aware of the needs of various constituent groups to balance all their
interests.
Which of the following is NOT a task of the board of directors in strategic management?
- Answer --to influence
-to evaluate
-to initiate and determine
-to implement***
-to monitor
Catalyst-level board of directors typically - Answer -take leading roles in establishing
and modifying the company mission, objectives, and strategy.
Outside directors are defined as - Answer -individuals on the board who are not
employed by the board's corporation.
